7 insights from the 2015 Millennial Impact Report
Ever wondered what factors influence the behaviour of Millennials (those born between 1980-2000) when it comes to giving and volunteering in the workplace? The recently released 2015 Millennial Impact Report offers some interesting insights. We took a closer look.
The role of the workplace in Millennial giving
“What inspires Millennial employees to move from the point of interest to a place of action? This year’s study examines influence in the workplace – and the environment couldn’t be more relevant,” writes lead researcher Derrick Feldmann in the opening letter of the 2015 report, which was conducted by The Millennial Impact Project.
“Millennials as employees actively give and volunteer in and outside of the workplace. What happens when a company encourages and influences its employees to participate in cause work? Its employees discover a vehicle to leverage their assets (money, time, network) to make a larger difference on their communities and their world.”
7 ways workplaces can better engage Millennials in their CSR efforts
Based on its findings, the report suggests the following tips for influencing Millennials to further partake in workplace-led giving and volunteering:
1) Utilise peers and direct co-workers to influence giving.
STAT: 27% of Millennial employees said they are more likely to donate to a cause if their supervisor does, while 46% of Millennial employees are likely to donate if a co-worker asks them to.
2) Offer short-term episodic volunteer opportunities.
STAT: 70% of Millennials volunteered at least one hour in 2014. Some 37% volunteered up to 10 hours. 45% said some of the time they spent volunteering was offered or promoted through their work.
3) Leverage competitions and incentives.
STAT: 43% of Millennials said they would be more likely to give if a competition was involved.
4) Show how participation makes a difference.
STAT: 79% of Millennial employees who volunteered through a company-sponsored initiative felt they made a difference through their involvement.
5) Match donations.
STAT: 69% of Millennial employees would be more likely to give if their company offered to match part of their donation.
6) Identify causes that your employees care about.
STAT: When asked why they donated to a company-sponsored giving program, 39% of Millennial employees said because they cared about the cause or issue. Interestingly, 79% of Millennial employees who did not participate in a company-wide giving campaign still donated to a cause outside of work.
7) Encourage unsanctioned giving
STAT: Over 50% of Millennial employees have made a donation to a cause their company isn’t associated with in response to a co-worker’s personal solicitation.
The importance of peers
The report also explored the role of managers and co-workers in giving and volunteering in the workplace. It found that both generally influence a Millennial employee’s level of contribution. For example, 65% of Millennial employees said they were more likely to volunteer if their co-workers participated. While 44% said they were more likely to volunteer if their supervisor participated.
A unique generation
As lead researcher Derrick Feldmann noted: “The Millennial generation is influential. From their buying power to their handle on the limitless potential of social media, Millennial can address issues and be a voice for causes like no other generation before them.”
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Sources: 2015 Millennial Impact Report